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Nigeria in 1min: Economic, Business and Financial Headlines – 270218

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February 27, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

FSDH Research Forecasts a Growth in the Banking Sector Credit to Private Sector - FSDH Research expects a growth in the banking sector credit to the private sector in 2018. The improvement in the macroeconomic and business environment; improved consumers’ confidence; and the drop in the yields on the Nigerian Treasury Bills (NTBs) are the main drivers of the expected credit growth. Source Proshare Read More 

IMF chief says growth strong but countries must prepare for change -  International Monetary Fund Managing Director Christine Lagarde said on Tuesday the global economy was showing broad-based growth, but the landscape was shifting with heightened risks of trade disputes, monetary policy normalization and technological change. Source Reuters Read More 

Ambode signs N1.04tr Lagos budget into law -The Lagos State Governor, Mr Akinwunmi Ambode, on Monday, signed the 2018 Appropriation Bill of the state into law with the Economic Affairs  and General Public Services taking the largest chunk of the N1,046,121,181,680.00 budget. Source Daily trust Read More 

Achieving Voluntary Tax Compliance: The VAIDS Option - Great Economies and Great Nations, Prosperity and  Abundance of Nations and Communities are Created by Men not Spirits.”  - Vice President, Federal Republic of Nigeria Prof. Yemi Osinbajo SAN GCON Source Proshare Read More 

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New minimum wage implementation begins third quarter – FG - The implementation of the new national minimum wage would commence in the third quarter of this year, the Federal Government announced on Monday. Source Punch Read More 

FG seeks Chinese bank’s support for infrastructure funding - The Minister of Finance, Mrs. Kemi Adeosun, on Monday met with a delegation from the China Development Bank to discuss areas where the lender could be of assistance to the country. Source Punch Read More 

Publish your tax agenda, FIRS tells political parties - The Federal Inland Revenue Service has demanded that political parties publish their tax agenda before and during campaigns for the 2019 elections. Source Punch Read More 

VAIDS will expose wealthy tax debtors – LIRS chairman - The Chairman, Lagos Inland Revenue Service, Mr. Hamzat Zubair, has stated that wealthy Nigerians, who have been underpaying taxes, will be easily exposed if they fail to take advantage of the Voluntary Assets and Income Declaration Scheme. Source Punch Read More 

Retirees with low savings quit contributory pension, withdraw N20.2bn - Retirees under the Contributory Pension Scheme who could not be entitled to monthly pensions have withdrawn their money from their respective Retirement Savings Accounts. Source Punch Read More 

Voluntary Assets and Income Declaration Scheme (VAIDS) and Responsible Tax Practice - The key focus of the KPMG tax practices is supporting our clients. In all areas of our work we apply uncompromising professional standards. KPMG’s Global Principles for a Responsible Tax Practice1 are the foundation of expected standards and conduct. Source Proshare Read More 

A Small Decline in the FAAC Distribution - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N636bn (US$2.08bn) in February (from January revenues).  Source Proshare Read More 

Why taxing the informal economy might be a huge challenge – Enelamah - Nigeria’s Minister of Industry, Trade and Investment, Okechukwu Enelamah says the biggest challenge for taxation is the large informal economy. CNBC Africa’s Christycole Popoola caught up with him on the side-lines of the launch of Andersen Tax. Source CNBC Read More 

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PROSHARE MARKETS

Robust System Liquidity to Drive Buying Interest as PMA holds on Wednesday -The Treasury Bills (“T-Bills”) market witnessed a bullish performance for the first time in over a month as average rate across tenors declined W-o-W by 30bps to settle at 14.2% last week. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week -260218 - Performance of the local bourse was largely bearish last week as the All Share Index (ASI) fell 0.2% Wo-W to 42,570.89 points while YTD return weakened to 11.3%. Source Proshare Read More 

GTI Top-5 Stock Picks for 260218 - The Nigerian equity market in the week under review closed in the south and extended bearish run to the third week in a row. Source Proshare Read More 

Nigerian Stock Market Extends Gain to Open The Week Positive; NSEASI Inches Up Marginally by 0.02% - Equities market closed today on a positive note, as NSEASI appreciated by +0.02% to close at 42,579.48 basis points as against +0.74% appreciation recorded previously. Source Proshare Read More 

Bank stocks depreciate on panic over CBN’s dividend rule - Panic over the Central Bank of Nigeria (CBN’s) directive on dividend payment, among other factors impacted negatively on the stock market, as most banking stocks constituted the losers’ at the end of yesterday’s transactions. Source Guardian Read More 

Banks Return N55bn Illegal Charges To Customers - The Central Bank of Nigeria (CBN) hinted yesterday that over N55 billion has been refunded to customers overcharged by commercial banks. Source Leadership Read More 

UBA, Access Bank join NSE premium board, equities appreciate - The Nigerian Stock Exchange has upgraded United Bank for Africa Plc and Access Bank Plc to the NSE premium board, joining Dangote Cement Plc, FBN Holdings Plc and Zenith Bank Plc. Source Punch Read More 

BPE visits SAHCOL over failure to list on NSE - Officials of the Bureau of Public Enterprises visited the office of Skyway Aviation Handling Company of Nigeria Limited at the Murtala Muhammed International Airport, Lagos, on Friday, over the firm’s delay in listing on the Nigerian Stock Exchange, nine years after its privatisation. Source Punch Read More 

Nigeria excellent in oil sector data submission – OPEC - Nigeria has maintained an excellent record in the submission of data from its oil and gas sector in the past three years, the Organisation of Petroleum Exporting Countries has said. Source Punch Read More 

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PROSHARE BUSINESS

#Politics2019 – Fela Durotoye’s Profile  - Fela Durotoye is a NATION BUILDER & the Chief Executive Officer of the GEMSTONE GROUP, a Leadership Development Institution aimed at raising leaders of excellence and exemplary values who would be committed to building Nigeria into a most desirable nation to live in by Wednesday the 31st of December 2025. Source Proshare Read More 

5 Record Breaking Gemstones Even Billionaires Can''t Buy - It's a good philosophy, because when it comes to the world's biggest, rarest and most extraordinary gemstone discoveries, no one—not even billionaire President Donald Trump—could afford the possession. Source Proshare Read More 

Oil-Rich Nigeria's Fuel Scarcity Weighs on Buhari's Popularity  - Lines of cars and trucks snaking around blocks in the center of the Nigerian capital, Abuja, highlight the state’s failure to fix a problem that’s bedeviled Africa’s biggest oil producer for decades: fuel shortages. Source Bloomberg Read More 

Saudi Arabia's Timetable on OPEC Oil Cuts Seems to Creep Again - Saudi Arabia’s expectations for how long OPEC will need to persevere with production cuts seem to be shifting once again. Source Bloomberg Read More 

India is about to become the world's most important economy - China’s days as the globe’s most exciting economy are numbered.That’s because while China’s workforce has already begun to shrink, in part as a result of the country’s one-child policy, its neighbor to the West, India, is growing its workforce at a breakneck pace. Source FORTUNE Read More 

Asian shares rise to three-week high ahead of Powell's testimony - Asian shares extended their recovery on Tuesday, hitting a three-week high as U.S. borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day. Source Reuters Read More 

Oil up on strong demand, Saudi comments - Oil rose on Monday, hitting three-week highs, supported by strong U.S. demand and comments from Saudi Arabia that it would continue to curb production in line with OPEC-led efforts. Source Reuters Read More 

South Africa's Shoprite benefits from strategy to head upmarket - South Africa’s Shoprite defied a struggling domestic economy with double-digit profit growth on Monday, as its new strategy to sell ready-made gourmet products began to pay off. Source Reuters Read More 

Mozambique's cuts key lending rate by 150 bps to 19 pct - Mozambique’s central bank reduced its benchmark lending rate by 150 basis points to 19 percent on Monday. Source Reuters Read More 

South Korea’s new high-speed rail line is connecting the country - The new rail line connects South Korea’s capital to some of the country’s most remote villages. Source CNBC Read More 

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PROSHARE FINANCE

FirstBank Supports Media Evolution, Sponsors the 2018 Social Media Week, Lagos - First Bank of Nigeria Limited has announced its sponsorship of the 2018 Social Media Week (SMW), Lagos, scheduled to take place from February 26 through to March 2, 2018 at the Landmark event centre, Victoria Island, Lagos. Source Proshare Read More 

PROSHARE TECHNOLOGY

Vodafone to Exit Qatari Unit After Almost a Decade of Losses - Vodafone Europe agreed to sell its stake in a Qatar joint venture for 301 million euros ($369.9 million), capping an almost decade-long string of losses amounting to more than $1 billion. Source Bloomberg Read More 

Self-Proclaimed Bitcoin Inventor Accused of Swindling $5 Billion of Cryptocurrency - Craig Wright, the self-proclaimed inventor of bitcoin, is accused of swindling more than $5 billion worth of the cryptocurrency and other assets from the estate of a computer-security expert. Source Bloomberg Read More 

Why The Next Oil Boom Will Be Fueled By Blockchain  - The world's most important industry has been carrying on without any significant changes in its day to day routine for far too long. Source Proshare Read More 

IRS forces Coinbase to cough up tax data of 13,000 digital coin traders - Even though cryptocurrency is decentralized, that doesn’t mean investors are immune from the clutches of the U.S. Internal Revenue Service (IRS), especially if they’re making a profit. Source Digital Trends Read More 

Cryptocurrency not an ideal long-term investment, warns Ethereum co-founder - Looking for good financial advice? Vitalik Buterin, co-founder of the digital currency Ethereum, jumped on Twitter to offer just that, but it’s probably not the advice you’d expect. Source Digital Trends Read More 

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PROSHARE MSME

Nigeria’s largest maize farm attracts 20% equity investment from Gates Foundation - Through a firm called Babban Gona, Kola Masha the MIT trained former technical assistant to an ex-agric minister is now the largest aggregator of maize in Nigeria. The firm which currently works with 18,000 farmers in Katsina, Kaduna and Kano, has attracted a 20 percent equity investment from the Bill and Melinda Gates foundation Source BUSINESSDAY Read More 

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